Pure Extracts to Enter US Market through JV in Michigan

By markets.businessinsider.com10 days ago

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VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) (Pure Extracts or the Company) is pleased to announce the signing of a Letter of Intent (LOI) with the affiliate of a publicly traded multi-state operator (MSO) to form a Joint Venture (the JV) to install a cannabis and hemp extraction system in an existing Michigan facility.

This MSO has a long history of success in Oregon offering a family of products including sun-grown and indoor premium flower, along with patented nitro sealed indoor and sun-grown pre-rolls and jars. These products are also grown and packaged in Michigan for retail sale in over 100+ dispensaries throughout the state.

Pure Extracts is a plant-based extraction company focused on cannabis, hemp, functional mushrooms, and the rapidly emerging psychedelic sector from a state-of-the-art processing facility located just north of Whistler, British Columbia.

In Michigan, the companies plan to join forces by combining the MSO affiliates local permitting, licensing, and marketing expertise with Pure Extracts extraction, vape, live resin and edibles manufacturing skills. The venture partners plan to build-out 2,600 sq. ft. of existing, under utilized, space in the MSOs current facility, which is strategically located in central Michigan within a 2-hour drive of several major markets.

Pure Extracts expects to contribute a mix of equipment and cash to the venture, which will allow the partners to rapidly scale-up to meet the rising demand for recreational cannabis concentrates and edibles throughout the state.

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